"Our findings present a disappointing picture: There is only one woman for every nine men in the executive suites and boardrooms of these high-profile companies," wrote Steven Currall, dean and professor of management, in the report. "Little has changed in the gender diversity of the upper echelons of decision makers at the largest public companies in California."

San Francisco companies had the most top-tier female leaders in the state (among counties with at least 20 companies). In S.F. companies, women accounted for 17.3 percent of top executives and 15.7 percent of directors.

At the other end of the spectrum, firms in Santa Clara County, the heart of Silicon Valley, were the most male-dominated, the report said. Just 8.9 percent of top executives and 8.2 percent of directors in the county's public firms were women, the report said.

The state's No. 1 company for female leaders was San Francisco cosmetics maker Bare Escentuals, where half the directors and executives are women, and the staff is even more overwhelmingly female.

"Being that our company creates products for women, it makes sense that we are comprised of over 90 percent women," CEO Leslie Blodgett said in an e-mail. "We always ask ourselves, 'How would we like to be treated?' and 'What will make us happy?' We then translate those answers into products and service. We believe that what we do is in the best interest of our customers because we live it every day."

Bebe Stores of Brisbane ranked fourth for female leadership; 42.9 percent of its directors and executives are women.

Overall, the top 25 companies counted more than one-quarter of their directors and executives as women.

The Bay Area is also home to a number of female CEOs, including one of the most high-profile, Yahoo's Carol Bartz.

Female participation varied by industry and company size.

Consumer-product companies had the highest percentage of female directors and executives; high-tech industries had the lowest. More than 60 percent of telecom and semiconductor companies have all-male boards, the report said, while a similar ratio of electronics and semiconductor firms have all-male executive teams.

Larger companies, not surprisingly, had larger boards and more female representation on them.

Why does it matter if women play a minority role in corporate America?

Wendy Beecham, CEO of the Forum for Women Entrepreneurs & Executives, a San Francisco group that partnered with UC Davis on the study, said organizations with homogenized leadership can suffer financially.

"There is a lot of statistical data out now that shows that a greater amount of diversity has a direct impact on all the business metrics of an organization - actual results improve," she said. "Research shows there are differences in how women manage risk. Especially now after the recession and (what happened to) companies like Lehman Bros. and General Motors; if they'd had more women in senior management, there might have been a more long-term view taken. Women also tend to be able to look at things from many different angles at the same time."

The report noted that women account for about 40 percent of business and management master's degrees in recent years, but didn't delve into why that failed to translate into more roles in the upper echelons.

Beecham said changing that equation will require intention from corporate leadership, and may be helped along by outside factors, such as shareholders and institutional investors who push for increased diversity. Women also can work to be more strategic in seeking leadership roles, she said.